Worker Remittances grown by 4.7 percent in Asian Countries but Sri Lanka has experienced negative growth for 2015-2019

Remittance flows to low-and middle-income countries (LMICs) are expected to reach $551 billion in 2019, up by 4.7% compared to 2018. The top five remittance recipient countries are projected to be India, China, Mexico, the Philippines, and Egypt. Weak oil prices imply lower growth in outward remittances from the Russian Federation to Central Asian and Eastern European countries. When the currency of a source country depreciates against the US dollar, the value of outward remittances in US dollar terms declines. Approximately a half of remittance flows to LMICs is estimated to originate in countries where US dollar is the main currency or the local currency is closely linked to the US dollar (e.g., the Gulf Cooperation Council (GCC) countries). From 2010-15 there has been significant growth and it has fell in the next four yours across all the countries. Sri Lanka seems to be the biggest loser for the last four years.